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July 2, 2014

Baltimore Business Journal – Continental Realty enters North Carolina market

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A Baltimore real estate company has swooped in to buy the floundering Creekside Crossing retail center in Raleigh, N.C. Continental Realty Corp. paid $6.3 million for the center that, according to deed records, had been under bank ownership since 2012 when Wells Fargo foreclosed on the property.

But compare that to a property tax value of $13.7 million for Creekside Crossing, which is what the tax appraisers thought it was worth in 2008 when the last Wake County reappraisal was completed, and it’s easy to see how Continental’s investors view this as a “value-add” deal.

Baltimore Business Journal Article

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